Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Share-Based Compensation (income) expense

The following table summarizes share-based compensation (income) expense:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(in thousands)	2021			2020		2021			2020
Performance-based restricted stock units	$	(118	)	$	149	$	488		$	(2,596	)
Restricted stock awards and restricted stock units		1,284			1,698		3,964			3,155
Stock options		578			90		1,508			90
Share-based compensation expense before income tax		1,744			1,937		5,960			649
Income tax benefit(1)		(21	)		—		(76	)		—
Share-based compensation expense, net of income tax	$	1,723		$	1,937	$	5,884		$	649

(1)The 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees. There was no income tax benefit associated with our employees in the United States and the United Kingdom due to a valuation allowance on our deferred tax assets within these jurisdictions. Refer to Note 17 – Income Taxes.

Summary of Activity of the Outstanding PRSU Awards

The following table summarizes the activity of the outstanding PRSUs:

	Equity-Based PRSUs				Liability-Based PRSUs
	Shares		Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2020		61,208	$	57.18		121,485		$	56.34
Granted		101,785	$	31.28		—		$	—
Vested		—	$	—		(42,698	)	$	51.96
Forfeited		—	$	—		(1,041	)	$	56.90
Balance at September 30, 2021		162,993	$	41.01		77,746		$	57.13

Summary of Activity of the Outstanding Restricted Stock Awards And Restricted Stock Units

The following table summarizes the activity of the outstanding restricted stock awards and restricted stock units:

	Equity-Based Restricted Stock Awards					Equity-Based Restricted Stock Units					Liability-Based Restricted Stock Units
	Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2020		107,107		$	53.23		151,261		$	19.51		10,459		$	51.91
Granted		22,560		$	44.77		88,367		$	44.12		—		$	—
Vested		(48,879	)	$	49.92		(34,998	)	$	19.73		(3,174	)	$	52.24
Forfeited		(2,279	)	$	56.63		(3,673	)	$	19.75		—		$	—
Balance at September 30, 2021		78,509		$	52.77		200,957		$	30.29		7,285		$	53.34

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Shares		Weighted-Average Exercise Price		Aggregate Intrinsic Value(1)
Options outstanding at December 31, 2020		204,150	$	19.98
Granted		137,858	$	44.80
Exercised		—	$	—
Options outstanding at September 30, 2021		342,008	$	29.98	$	5,276,367
Options exercisable at September 30, 2021		27,075	$	21.85	$	637,887

(1)The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options.

Summary of Options Outstanding and Exercisable

The following table summarizes stock options outstanding and exercisable as of September 30, 2021:

		Options Outstanding						Options Exercisable
	Range of exercise prices	Shares		Weighted-Average Remaining Contractual Life (in years)		Weighted-Average Exercise Price		Shares		Weighted-Average Exercise Price
$	19.30		150,000		7.25	$	19.30		—	$	—
$	21.85		54,150		5.91	$	21.85		27,075	$	21.85
$	44.80		137,858		6.40	$	44.80		—	$	—
$	19.30-$44.80		342,008		6.70	$	29.98		27,075	$	21.85

Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant

Following is additional information on stock options granted during the nine months ended September 30, 2021 and the underlying assumptions used in assessing fair value:

	Nine Months Ended
	September 30, 2021
Assumptions used to estimate fair value of stock options granted:
Risk-free interest rate	0.50%
Expected term (in years)		4.5
Expected volatility	55.8%
Expected dividend yield		—
Weighted average grant-date fair value per share of options granted	$	20.26